Regulation

Trump Gave a Go Ahead to the Crypto Task Force

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On Wednesday 11 July, president Donald Trump signed an executive order giving the regulatory officials the go-ahead they needed in order to put in place a consumer fraud task force, following announcements that the United States Federal Government would “look at cryptocurrencies” in quest to eliminate the growing number of fraud cases associated with them.

Whether or not this development is going to affect the cryptocurrency space negatively is the most vital question every crypto holder should ask. Lately, the crypto space has been flooded with great negativity from nonbelievers due to its usability in fraud activities mainly because of anonymity features provided by these digital currencies.

Fraud cases arising from crypto exchanges getting hacked and people losing large sums of money that is very hard or impossible to trace, use of crypto in unlawful transactions, tax evasions together with money-laundering activities have continued to tarnish the image of the digital currencies.

President Trump’s move could be a good one for the crypto world since it could disassociate cryptocurrencies with criminal activities thereby attracting more of those who were unbelievers of the legitimacy of cryptocurrencies.

So who makes the Trump’s Crypto Task Force?

  • Employees From the Department of Justice
  • Attorneys from the Department of Justice
  • Officers from the Department of Justice
  • The FBI

What do you the about this initiative?

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